MONEY MANAGEMENT HOW TO MANAGE YOUR MONEY BETTER
Group 4: Annie Le. Jennifer Chang. Juliet Lam April 26th 2011. 8 AM
Design At The Edge
Problem
Money Management How to manage your money better
Lose track of what and where money is spent
Dependant on credit/debit cards
Needs vs. Wants
Forget the value of money & how much is spent
Problem Focus
Methodology Proposal
Target Market
College students
Young adults
People who have a budget
Problem Focus
Methodology Proposal
Field Observation
Experiment: $40 A Week Challenge
Interview
Methodology
Problem Focus
Methodology Proposal
Cash vs. Credit Card
Field Observation
Problem Focus
Methodology Proposal
Field Observation
Union Square, St. Marks, Korea Town
Sat in different restaurants for 2 hours
Observe method of payment
Determine how conscious people are when using credit/debit cards
Problem Focus
Methodology Proposal
Field Observation Results Problem
Focus Methodology
Proposal
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Cash Credit
St Marks K-Town
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Cash Credit Card
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Cash Credit Card
Union SquareSt. Marks Korea Town Union Square
Cash Credit Card
Union Square
Cash Credit Card
Union Square
Cash Credit/Debit Card
Field Observation Analysis
Majority of people used credit cards vs. cash
Some people automatically paid using card Small pouch for only cards
Cash only places: Some people came in and left due to lack of cash
Problem Focus
Methodology Proposal
“Can You Survive with only $40 A Week” Challenge
Experiment
Experiment
See if people could get by the week with a tight budget, without having to change their lifestyle or starving themselves
Observe how people manage the $40 budget Physically
Emotionally
12 Participants
Problem Focus
Methodology Proposal
Experiment Results
Video
Problem Focus
Methodology Proposal
Experiment Analysis
Girls manage money better
Unfortunate events; sickness
Packing own lunch is a good strategy
Different lifestyles; some eat more than others, stress and emotional factors
Socializing with friends mostly translates to eating out; should find alternative ways to gather with friends
Problem Focus
Methodology Proposal
Perception of Money
Emotions
Quotes
Interview
Problem Focus
Methodology Proposal
Interview Questions
Students
Young adults
How much do you spend a week? What do you spend money on? What is your perception of cash/
credit card How does money play a role in
your life? Do you prefer to use cash or
credit card more? Why? Do you have a budget? How did you learn it?
Who: Questions:
Interview Results
Average $150 Food, transport, social activities, school
supplies Need money for social activities
Cash
“makes you understand the value of money more than credit cards.”
“The best way of accounting for your money is to see it in front of you”
Credit Card
“I prefer using debit cards, it’s a pain in the ass to always carry around cash. Feels more secure using a debit card.”
“It's useful but I don't like how I don't see my cash physically being exchanged”
“more convenient, but I don’t realize how much I spent”
Budget
No…but I should. I don’t keep a budget because I am lazy”
Girls try to keep a daily budget of how much they spend
Why guys don’t like to plan short term…
“its too complicated”
“too time consuming and a hassle to set up”
“there’s too many steps”
Problem Focus
Methodology Proposal
Conclusion
People are too dependant on credit/debit cards
Girls were more successful in the challenge because they planned beforehand and had a strategy going into the challenge
Even though people claim that they want to see their money physically exchanged, they prefer to use credit cards for convenience
Guys prefer not to plan as it is too complicated and time consuming
Problem Focus
Methodology Proposal
Get college students and young adults
To be more aware of their spending habits and start to get in the routine of planning,
By offering a “money management” system in online banking and text messaging service.
Design Brief
Problem Focus
Methodology Proposal
Text Message Online Banking Money Management System
Design Solution
Problem Focus
Methodology Proposal
Text Message
• Receive a text message from your bank every time you use your credit card
• Make people aware of how much they are spending
• Constant reminder
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Problem Focus
Methodology Proposal
Online Banking Problem
Focus Methodology
Proposal
“Money Management” option
Set up own budget
View history of spending – month/week
Compare spending habits
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Problem Focus
Methodology Proposal
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Spent Amount Left
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Problem Focus
Methodology Proposal
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Problem Focus
Methodology Proposal
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Problem Focus
Methodology Proposal
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Sat 6/11/2011
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Spent Budget Left
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Problem Focus
Methodology Proposal
Long Term Suggestions
Focus marketing of “money management” service to male demographic, emphasizing: Easy to use
Simple to navigate around system
Possibly apply system to more applications Credit card machine
Accessories
iPhone application; able to swipe card on phone to see budget and spending history
Problem Focus
Methodology Proposal
Thank You